# Table 8: Bilateral Aggregated vs Multilateral IIP Positions (% of GDP)

| Variable | Bilat: Portfolio total | IIP: Gross assets | Bilat: Portfolio debt | IIP: Debt assets | Bilat: FDI outward | IIP: FDI assets | CA/GDP (intersect) |
|:---|---:|---:|---:|---:|---:|---:|---:|
| Z_1 | 526.5666 | 1491.1336 | -4.3839 | 676.1671 | -4.8730 | 1492.8796 | 67.1510** |
| | (632.0629) | (1486.4589) | (199.5550) | (475.1621) | (915.4232) | (1183.2594) | (26.4042) |
| Z_2 | -61.6375 | -107.3848 | 1.1892 | -62.6052 | 25.5874 | -155.0813 | -8.8054** |
| | (87.6121) | (205.5271) | (27.5109) | (65.7519) | (124.8594) | (163.6048) | (3.6845) |
| Z_3 | 2.1987 | 2.1423 | -0.0243 | 1.6575 | -1.4343 | 4.9309 | 0.3223** |
| | (3.4059) | (7.9997) | (1.0690) | (2.5583) | (4.8277) | (6.3680) | (0.1429) |
| fiscal_bal_gdp | 0.3554 | 0.8922 | -0.1888 | -0.0871 | 0.5606 | 1.0497 | 0.2401*** |
| | (0.6874) | (1.5351) | (0.2065) | (0.4975) | (1.1751) | (1.2220) | (0.0484) |
| nfa_gdp_lag | -12.7112*** | -40.0184*** | -3.9072*** | -16.1818*** | 49.7499*** | -21.3652*** | -0.3204 |
| | (3.4613) | (7.7161) | (1.0246) | (2.5021) | (5.1463) | (6.1422) | (0.2395) |
| log_rel_opw | -12.6958 | -103.3255** | 2.4622 | -42.7189*** | 19.2083 | -37.8504 | 2.7244*** |
| | (17.4210) | (40.3420) | (5.3839) | (12.9501) | (24.9606) | (32.1132) | (0.8334) |
| kaopen | 4.7817 | 8.8262 | 1.6332 | 8.2992** | -12.3179 | -4.1806 | -0.8017*** |
| | (5.1131) | (11.5388) | (1.5751) | (3.7296) | (9.0310) | (9.1852) | (0.3087) |
|:---|---:|---:|---:|---:|---:|---:|---:|
| Dep var | agg_portfolio_total_gdp | gross_assets_gdp | agg_portfolio_debt_gdp | debt_assets_gdp | agg_fdi_outward_gdp | fdi_assets_gdp | ca_gdp |
| N | 1186 | 1186 | 1160 | 1186 | 739 | 1186 | 1181 |
| R² | -0.1080 | -0.0798 | 0.0046 | -0.0292 | 0.0246 | -0.0674 | 0.2061 |
| Countries | 75 | 75 | 74 | 75 | 74 | 75 | 75 |

*Panel GLS with AR(1) errors. Standard errors in parentheses.*
*\*p<0.1, \*\*p<0.05, \*\*\*p<0.01*